The global aerospace adhesives and sealants market is projected to grow from $775 million in 2018 to $1.008 billion by 2023, at a compound annual growth rate (CAGR) of 5.4%, according to the a recent report from Markets and Markets.
Aerospace adhesives and sealants are used in end-use industries such as commercial, military, and general aviation; the commercial segment is the largest end-use industry. The current surge in demand for commercial aircraft globally reportedly bodes well for leading OEMs and their suppliers. Boeing and Airbus presently have combined orders of over 9,000 commercial aircraft; this demand drives the market of aerospace adhesives and sealants in the commercial end-use industry, according to the report.
Epoxy is projected to be the fastest-growing resin type segment of the market during the forecast period. Epoxies reportedly offer a unique combination of adhesion, chemical resistance, and other physical properties that provide outstanding protection against severe corrosive environments.
North America is estimated to account for the largest share, in terms of volume and value, of the overall market in 2018. However, the market in Asia Pacific is projected to witness the highest growth during the forecast period. The emerging middle-class population and rising disposable income levels are expected to further add to the demand in this region as people prefer traveling by air, leading to the rise in demand for newer aircraft and associated services.
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